Non-assessable non-exempt income

Non-assessable income is listed below:

  • a superannuation lump sum death benefit received by dependent or Australian police force is death member and who died in the line of duty
  • The person who suffer from medical condition and get superannuation lump sum
  • a tax-free superannuation lump sum benefit paid to a person with a terminal medical condition
  • If you can see payment like ‘Lump sum D’ in your PAYG Summary which is early retirement scheme and genuine redundancy payments government super contributions by government
  • Superannuation income received by 60 year old or older
  • the tax-free component of a superannuation benefit paid and if you see in your PAYG for employment termination payment

Other amounts that are not taxable

Other amount that include as not taxable and no need to disclose in your return

  • If you get gift from your parents as birthday gifts ,rewards or gifts received on special occasions are normally non taxable However, if you get income of business like activity as an employee or contractor
  • If you won lotteries like lotto draws and raffles
  • prizes you won in game shows
  • child support and spouse maintenance payments, you receive

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au